New loan program for Finger Lakes agriculture to employ 450
The “Growing the Agriculture Industry Now” Revolving Loan Program initiative provides loans to capitalize on local agricultural businesses utilizing new technologies and expanding operations.
This new program fills a gap where new businesses who do not meet traditional financing organizations’ underwriting standards will be now be able to get started.
The first advance of $1.2 million has been released to the Genesee/Finger Lakes Regional Planning Council, which in coordination with local development corporations, represents the nine county regions managing the loan program.
“Farming in the Finger Lakes region is an important industry and a key driver of the regional economy,” Governor Andrew M. Cuomo Cuomo said.
“By encouraging the use of innovative technologies and creating more opportunities for farmers, this new loan program will help shape the future of the region’s agricultural industry and ensure its vitality for years to come.”
“G/FLRPC is proud to introduce and lead this program in the Finger Lakes region,” said Genesee/Finger Lakes Regional Planning Council Chairman and Ontario County Board of Supervisors Chair Jack Marren.
“Encouraging agriculture and agri-business is one of the G/FLRPC’s economic goals for the district and GAIN will help us with that goal by providing loans that support the capital needs of agriculture and food processing companies.”
GAIN is a Finger Lakes Regional Economic Development Council priority project. The $3 million in state support provided by Empire State Development, the state’s economic development agency, will leverage an additional $300,000 plus in local investment.
The total investment fund of more than $3,300,000 million will provide loans to qualifying businesses in Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Wayne, Wyoming and Yates counties, all of which are in the top ten agricultural counties in New York State.
It is anticipated that the fund will create 150 direct jobs and 450 indirect jobs in the agriculture and good processing industry. ■